Egypt signs 9 new agreements for oil and gas exploration

Egypt signs 9 new agreements for oil and gas exploration

CAIRO: The Egyptian Ministry of Petroleum and Mineral Resources has signed nine new petroleum agreements to search for petroleum and natural gas in the Mediterranean and the Red Sea with six major international and Egyptian companies.

Egyptian Minister of Petroleum Tarek El-Molla said that the ministry reached a total of 12 agreements during the period of the coronavirus pandemic, with a minimum investment of about $1.4 billion, to drill 23 wells in nine regions in the Mediterranean and three regions in the Red Sea, pointing out that the three further agreements are to be signed soon.

He said that the ministry's strategy to promote investment opportunities was the reason for its success in attracting new global investment to Egypt. In addition to